A sign reads Shanghai Pudong Development Bank in Beijing. Photo: VCG

Mu Shi, former vice president of Shanghai Pudong Development Bank (SPDB), was expelled from the Communist Party of China (CPC) and is under an investigation for suspected serious violations of discipline and law, according to China's anti-corruption agency.

As a senior executive at the helm of a state-owned financial institution, Mu has lost his ideal, value and compromised his bottom-line, read a statement posted on the website of the Central Commission of Discipline Inspection (CCDI) of the CPC on Monday.

Mu treated the financial resources trusted to him by the state as an instrument for his personal gain, seeking to exploit policy loopholes with his financial expertise which disrupted financial market order, said the commission.

Facing audit, Mu countered the authorities by transferring and concealing evidence and committed collusion and perjury.

Mu took advantage of his position to provide unlawful help to others during the process of cadre selection and appointment, engaging in illegal profiteering business, taking equities in companies that have ties with SPDB, and taking bribes together with his wife for living a life of excess, said the anti-graft watchdog.

Mu hide his deposits at overseas bank accounts, adding up to a significant sum, CCDI statement said, without releasing specific figures.

Mu will be transferred to the relevant authorities awaiting further action in accordance with law, with all illegal gains confiscated.

Global Times